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ARTICLE · 30 JULY 2021

Twenty-Seven Firms Settle SEC Charges For Form CRS Failures

Hogan Lovells Cadwalader
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Twenty-one investment advisers and six broker-dealers agreed to settle SEC charges for failing to file and deliver in a timely fashion their client or customer relationship summaries.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Twenty-one investment advisers and six broker-dealers agreed to settle SEC charges for failing to file and deliver in a timely fashion their client or customer relationship summaries (i.e., Forms CRS). All of the firms found in violation failed to either file and deliver Form CRS to retail investors or post the information to their respective websites by the applicable deadlines.

The SEC adopted Form CRS on June 5, 2019, and it required investment advisers and broker-dealers registered with the SEC to (i) file their respective Forms CRS with the SEC, (ii) deliver Form CRS to prospective and new retail investors by June 30, 2020, (iii) deliver Form CRS to existing retail investor clients or customers by July 30, 2020, and (iv) post their current Form CRS "prominently" on the firm website (if one exists).

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